No Time Like the Present (for Spending Account Credits)
If you’ve got a Health Spending Account (HSA) or Wellness Spending Account (WSA) (or both), don’t let the end of summer sneak up on you! In the thick of the season, we understand that spending account deadlines likely aren’t high on your priority list, so here are a couple of helpful reminders:
- August 31 is your last chance to incur spending account expenses for the 2018/19 plan year, which runs from September 1, 2018, to August 31, 2019. If you’ve got unused HSA and/or WSA credits, now’s a great time to use them.
- You’ll have until October 30 to submit claims for any spending account expenses incurred prior to August 31.
HSAs and WSAs have a 60-day run-off period, which is why you have until October 30 to submit claims for spending account expenses incurred prior to August 31.
Here’s how it all works once the run-off period has ended:
- You’ll no longer be able to submit expenses for the 2018/19 plan year, as those expenses can’t be carried forward into subsequent years.
- Any unused credits in your HSA or WSA will be carried forward for one plan year (they’ll show up in your account in November once the run-off period has ended). If you haven’t used them by the end of the 2019/20 plan year, however, they’ll be forfeited back to your employer.
Note that if you recently retired or were on a temporary contract, these deadlines may be different for you. Please contact your employer for deadline information.